HoldCo Asset Management LP Invests $102.89 Million in First Interstate BancSystem, Inc. $FIBK

HoldCo Asset Management LP acquired a new position in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,570,107 shares of the financial services provider’s stock, valued at approximately $102,890,000. First Interstate BancSystem comprises approximately 16.1% of HoldCo Asset Management LP’s holdings, making the stock its 2nd biggest position. HoldCo Asset Management LP owned 3.40% of First Interstate BancSystem at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State of New Jersey Common Pension Fund D boosted its stake in shares of First Interstate BancSystem by 13.1% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 71,154 shares of the financial services provider’s stock valued at $2,051,000 after purchasing an additional 8,243 shares in the last quarter. Norges Bank acquired a new position in First Interstate BancSystem during the 2nd quarter worth approximately $29,082,000. Harbor Capital Advisors Inc. lifted its stake in First Interstate BancSystem by 18.7% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 419,104 shares of the financial services provider’s stock valued at $12,079,000 after purchasing an additional 66,018 shares during the last quarter. Villere ST Denis J & Co. LLC boosted its position in First Interstate BancSystem by 4.9% in the second quarter. Villere ST Denis J & Co. LLC now owns 556,628 shares of the financial services provider’s stock valued at $16,042,000 after buying an additional 25,799 shares in the last quarter. Finally, Ieq Capital LLC bought a new stake in shares of First Interstate BancSystem during the first quarter worth $283,000. Institutional investors own 88.71% of the company’s stock.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 13,715 shares of the stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $32.09, for a total value of $440,114.35. Following the transaction, the insider owned 959,109 shares in the company, valued at approximately $30,777,807.81. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $32.75, for a total value of $327,500.00. Following the completion of the sale, the insider directly owned 224,460 shares of the company’s stock, valued at $7,351,065. This trade represents a 4.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 92,232 shares of company stock valued at $2,913,388 in the last 90 days. 8.20% of the stock is currently owned by corporate insiders.

First Interstate BancSystem Price Performance

Shares of FIBK opened at $35.40 on Friday. The firm has a market cap of $3.64 billion, a PE ratio of 14.94 and a beta of 0.82. First Interstate BancSystem, Inc. has a 52-week low of $22.95 and a 52-week high of $36.04. The business’s 50 day moving average price is $32.08 and its two-hundred day moving average price is $30.82. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.73 and a current ratio of 0.74.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Thursday, November 6th. The financial services provider reported $0.69 earnings per share for the quarter. First Interstate BancSystem had a net margin of 17.62% and a return on equity of 7.25%. The company had revenue of $250.50 million during the quarter. On average, equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Monday, November 10th were issued a dividend of $0.47 per share. The ex-dividend date was Monday, November 10th. This represents a $1.88 annualized dividend and a dividend yield of 5.3%. First Interstate BancSystem’s dividend payout ratio is currently 79.32%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on FIBK shares. UBS Group raised their target price on First Interstate BancSystem from $33.00 to $34.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Barclays raised their price objective on First Interstate BancSystem from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 11th. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Interstate BancSystem in a report on Monday. DA Davidson increased their target price on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Finally, Wells Fargo & Company boosted their price target on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the stock an “underweight” rating in a research report on Monday, September 29th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $35.57.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.